Posted by As a rider, motorcycle insurance is one of the most important investments you can make because it provides financial security and protection in case there is an accident. However, it is better to go for the best affordable motorcycle insurance if you are on a tight budget or looking for cheap bike insurance plans.
Making insurance decisions on motorcycles could be somehow difficult, just like every other type of insurance. This is primarily because one has to consider some factors like the financial capability of the insurance company, the insurance coverage, the pricing, etc.
To take the stress away from you, we have decided to bring it to your doorstep by providing you with every vital piece of information you may need concerning motorcycle insurance.
So, you just have to sit tight and grab some popcorn and a chilled Coke while we walk you through this enlightening comprehension.
To start with, let’s take a look at the various types of motorcycle insurance
Types of Motorcycle Insurance
The following are the types of motorcycle insurance:
- Comprehensive cover
- Pillion Cover
- Third-party, fire, and theft
- Third-party only
- Personal accident cover
- Helmet and leather.
Overview of the Motorcycle Insurance Types
1. Comprehensive Cover
This is the highest level of motorcycle insurance. It covers everything about your bike and in the case of an accident, it covers everybody involved, even if it is your fault.
This type of bike insurance also covers theft and fire incidents.
2. Pillion cover
This type of insurance entails carrying someone at the back of your bike. So if you are the type that carries people at the back of your back, you can as well go for this insurance type.
3. Third-Party, Fire and Theft
Third Party, Fire, and Theft Cover does not pay out if you have an accident that was your fault, but it does protect the third party.
4. Third-Party Only
Well, this is the most basic type of bike insurance you can purchase. This type of motorbike insurance only covers the third party, leaving you and your bike out.
5. Personal Accident Cover
Personal Accident Cover is an extra when it comes to insurance which means it comes at an additional cost. It provides financial assistance if you or any passengers you are carrying are seriously injured.
It also pays your family if you are involved in a fatal accident whether you are at fault or not.
6. Helmet and Leather Cover
This is just an additional cover one may decide to pay for. You could have some gear issues that may result in accidents, so motorcycle insurance is also necessary.
Now that you have become conversant with what motorcycle insurance is and its types, let now quickly dive into the most affordable motorcycle insurance available.
10 Best Affordable Motorcycle Insurance
List of the 10 best affordable Motorcycle Insurance:
Overview of the Top Ten Affordable Motorcycle Insurance:
1. Progressive
- Year Founded: 1937
- Average monthly Premium: $52
Pros:
- This insurer has competitive rates compared to other top several have several coverage options for their customers
- Progressive offers discounts for safe and experienced riders
- They have a reliable 24/7 customer service.
Cons:
- They have high rates for some riders, depending on their history and location
- This insurance is not available in some states in the United States
Description: This is one of the most popular motorcycle insurance providers. They offer very good rates and are also reliable.
This insurance company offers courses to enable their clients to obtain adequate information regarding insurance. They also narrow their insurance to the specific needs of the riders.
VISIT2. Allstate
- Year Founded: 1931
- Average monthly Premium: $71
Pros:
- They have a wide range of coverage options
- This insurance offers multiple discounts to its customers
- Their website and mobile app are mobile-friendly
Cons:
- Their claims filing process can be difficult at times
- Some of their policies have higher deductibles than other insurers.
Description: This insurance offers an affordable insurance plan with competitive rates. Allstate is a well-known insurance firm based in the United States. It offers a wide number of insurance services.
They also offer discounts for clients with multiple insurance packages and riders who have completed their insurance courses.
VISIT3. State Farm
- Year Founded: 1922
- Average monthly Premium: $40
Pros:
- State Farm is one of the largest auto insurers in the US and of the top in the world at large
- They have a strong rating for customer service and financial strength
Cons:
- Just like Allstate, some of their policies may have higher deductibles than other insurers
- Their customer service is very poor according to their customers.
Description: State Farm is known for its technological advancement and huge online presence. Talk about customer satisfaction and they are at your doorstep. They boast of online customer service swift to reach and they also offer a discount to riders who complete their insurance courses.
VISIT4. GEICO
- Year Founded: 1936
- Average monthly Premium: $51
Pros:
- They have competitive rates
- Their coverage options are flexseveralave several discounts available
- Top-notch customer service
Cons:
- Some of their policies have higher deductibles than other insurers.
Description: GEICO is one of the largest auto insurance providers in the U.S. It is known for low rates and also offers its services directly to its consumers.
They offer affordable insurance plans for riders and they are very reputable, they also offer discounts to military personnel and experienced riders.
VISIT5. Dairyland
- Year Founded: 1992
- Average monthly Premium: $73
Pros:
- Offers roadside assistance that could be useful for teen riders.
- They provide you with a discount for taking a motorcycle safety course.
Description: This is the sole motorcycle insurance firm. They are a top choice for riders and are very affordable too. Are you a high-risk rider? if yes, then this is the insurance for you.
VISIT6. Nationwide
- Year Founded: 1926
- Average monthly Premium: $49
Pros:
Cons:
Description: Nationwide is one of the world’s leading diversified insurance companies. This insurance firm provides a wide range of insurance and financial services and is based in Ohio, USA.
They offer discounts to those who ride safely and also offer anti-theft device installations.
VISIT7. Foremost
- Year Founded: 1964
- Average monthly Premium: $25
Pros:
- They have competitive rates
- Foremost has excellent customer service
Cons:
- Some of their customers have rated their claims processing very poor
- They have very few discounts Limited availability of discounts.
Description: Got a vintage bike? then here is Foremost. They specialize in insuring vintage vehicles. They also provide roadside assistance to their clients.
VISIT8. Safeco
- Year Founded: 1923
- Average monthly Premium: $35
Pros:
- Variety of add-on coverage
- Claims Free Cash Back program could be ideal for drivers who want to save
- RightTrack is available to drivers who want to track real-time driving behavior for potential discounts
Cons:
- They rated below average when it comes to customer service by J.D Power
- May have fewer discount opportunities than other carriers
Description: This is a subsidiary of Liberty Insurance. They provide motorcycle insurance at affordable rates. They also provide roadside assistance.
VISIT9. Rider Insurance
Year Founded: 1987
Average monthly Premium: $30
Pros:
- They are a dedicated motorcycle insurance company
- Rider Insurance provides good and quality service to motorcycle riders
- They offer coverage for a wide variety of motorcycles.
Cons:
- They have limited coverage options compared to other larger insurers
- There is not much information about this firm online
Description: This insurance company focuses solely on motorcycle coverage, which enables them to provide specialized policies at very affordable prices. It offers customizable insurance to its clients and also offers roadside services and assistance to its clients.
Are you a safe driver? then go to rider insurance, as they will provide you with discounts.
VISIT10. Markel
- Year Founded: 1930
- Average monthly Premium: $69
Pros:
- Their coverage is available for a variety of motorcycle types, such as vintage and custom bikes
- They are financially buoyant and stable
- Markel has excellent customer satisfaction ratings.
Cons:
- They are not that cheap compared to their competitors
- Some of their riders have reported difficulty with claims.
Description: Talk about a standard motorcycle insurance company and you will have Markel. This insurance company emphasizes a lot on customization. They offer anti-theft installation services and roadside assistance.
VISITFAQs on the Best Affordable Motorcycle Insurance
How is my motorcycle classified?
The motorcycle is classified into a sports bike and a general bike. Sports bikes are higher because they are driven at higher speeds. Hence, they are more prone to accidents and damage. Normal motorcycle has lower insurance rate compared to sports bike.
Are there motorcycle training courses available that can reduce my insurance costs?
Yes. As a new motorcycle driver, there are some courses you can take to make you eligible for a discount depending on your location.
How much motorcycle insurance do I need?
This can vary. How much motorcycle insurance you need depends on the age of your bike, type of motorcycle, years of experience in driving, etc.
How can I get the lowest premium for my motorcycle?
Insurance companies offer several situations. You should ask about discounts for which you may qualify.
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Conclusion
For a relaxed mind and security, it is important for you, as a motorcycle owner, to buy affordable insurance.
You can compare quotes from various insurance companies, check out and understand the coverage requirements, and position yourself to take available discounts.
We have provided this article to serve as a guide for you and also enable you to make informed decisions when choosing the best affordable motorcycle insurance.
Good luck!